The Times Australia
Small Business News

.

The three key ingredients for hospitality venues to thrive in 2024

  • Written by Andrew Fraser, Managing Director, APAC at Lightspeed

We’ve entered another exciting yet challenging year for Australia’s vibrant hospitality sector. Tough economic conditions mean venues must cater to the ever-changing needs of consumers. Crucially, this is not just from a product or service standpoint but factors such as sustainability initiatives, which will play a key role in attracting and retaining customers. Serving excellent food and drink is important, but businesses must not underestimate the wider ethical practices that today’s customers judge a venue on.

Sustainability is on the menu

Aussie consumers are becoming increasingly concerned about the environment. Whether it is what they wear, where they shop or the food they eat, people are making more conscious decisions about how sustainable they can be. Bain & Company recently reported that 78 percent of Australians were willing to pay a premium for sustainable products, signalling a shift in priorities for consumers where sustainability outweighs cost.

Lightspeed’s 2024 Hospitality Insights and Dining Dynamics report found that the vast majority (85%) of Australian hospitality businesses believe implementing environmentally friendly initiatives will attract more customers. This sentiment of bar, hotel and restaurant owners is shared by Australian consumers with 34% stating that they want to see more sustainable food sourcing, this could be either with local or seasonal ingredients included on the menu. As a result, hospitality businesses have already implemented a number of greener initiatives which include going paperless (37%), using recyclable cutlery and packaging (36%), serving organic or farm-fresh produce and offering customer incentives for using reusable products (35%). To align with consumer expectations, more hospitality businesses need to find ways to implement such initiatives.

Knowing your customer

Staying on top of menu trends is an imperative for operators. It's important for businesses to offer the products and services consumers want. Our data revealed the top trends diners are expecting in 2024, these include: Sustainable food sourcing (34%), bottomless drinks (22%), catering to dietary requirements (20%) and alcohol-free beverages (18%). Other important considerations are fusion food, limited edition menus, vegan or plant-based items and functional foods.

We also asked operators what trends they believe their customers are expecting. Vegan or plant-based items (31%), sustainable food sourcing (30%), functional foods (27%) and fusion food (27%) made the top four. Catering to dietary requirements, limited-edition menus, bottomless drinks and alcohol-free beverages followed.

Disparities between the priorities of hospitality operators and consumers are evident in the analysis of two prominent trends—vegan or plant-based items and bottomless drinks.

Hospitality operators placed importance on vegan or plant-based items, ranking them at the forefront of their considerations, whereas consumers positioned them in the seventh position. Conversely, bottomless drinks, a trend ranked second by consumers, was a distant seventh for operators.

Whilst the majority of trends noted by consumers and operators mirror one another, it's really important businesses continue to align themselves to their customers’ needs and wants. This is where data can be used to full effect to help with product forecasting and meeting expectations.

Leveraging technology to improve processes

As the cost of living increases and inflation levels affect the sector, the hospitality industry must leverage technology to not only improve the customer experience but to streamline operations and save on costs.

In the last year, 37% of restaurants, bars and cafes have had to change menu items. A further 35% have had to change or re-negotiate with suppliers and 32% stated they had to let staff go. Prices have also had to rise with 29% of venues revealing they have raised prices by 27-39% compared to the previous year.

Technology can help support businesses and help reduce the pressures caused by current economic conditions. Operators that we surveyed believe technology is helping them save money on overheads (39%), improve the customer service (33%) and overall operational efficiency (33%). Whether it's through artificial intelligence, online booking systems, POS terminals or QR codes, hospitality businesses must leverage technology to improve processes, increase efficiency and save on costs and time.

Thriving in 2024

Serving a high quality standard of food and drink will always be the foundation for what makes a good bar, cafe or restaurant. However, as our data shows, consumers in 2024 expect more than this. From a customer perspective, it's important businesses really know and understand what their audience wants, both from a product and service standpoint but also around wider ethical practices. A shift to further tech adoption will help reduce costs and free up hospitality leaders to implement what customers are expecting from them.

The recipe for success for Australian hospitality businesses should be based on knowing your customer, sustainability and technology. Having these key ingredients will ensure operators will thrive in 2024.

Property Times

Choosing the Wrong Agent Is the #1 Regret Among Aussie Property Sellers

Selling your home is often one of the largest financial transactions you’ll make, and for many Australians, it’s also one of the most emotional. A new survey of Australian home sellers has revealed that their number one regret is having not selected...

Vietnam's "Gold Coast" Emerges as Extraordinary Investment Frontier and Australian Inspired Way of Life

$2 Billion super-city in Vung Tau set to replicate Australia's Gold Coast success story A culturally metamorphic development aptly named "Gold Coast" is set to reshape Vietnam's southern coast below Ho Chi Minh City, becoming a major investment...

First Home Buyers in Melbourne: 3 Key Statistics Proving Why Home & Land Packages Are Your Best Bet in 2025

Stepping into the Melbourne property market for the first time can feel like navigating a maze without a map. Prices, deposits, and decisions stack up fast. But here’s the good news: home and land packages are helping first home buyers get ahead in...

Off-the-Plan Sales Launched for $22 Million Ultra-Luxury Project ‘Vellora’ Set to Redefine Luxury Living in Brisbane’s St Lucia

A new standard of architectural distinction and elevated living is taking shape in one of Brisbane’s most coveted riverside suburbs, with off-the-plan sales officially launching for Vellora last night at an exclusive buyers’ event at The Powerh...

Food & Dining

Meal Prep as Self-Care? The One Small Habit That Could Improve Your Mood, Focus & Confidence

What if the secret to feeling calmer, more focused, and emotionally resilient wasn’t found in a supplement or self-help book — but in your fridge? That’s the surprising link uncovered by leading dietitians Anna Debenham and Alex Parker from The Biti...

Cult Favourite, TokyoTaco, Opens Beachfront at Mooloolaba this June

FREE Tokyo Tacos to Celebrate!  Cult favourite Japanese-Mexican restaurant TokyoTaco is opening a beachfront venue at the Mooloolaba Esplanade on Queensland’s Sunshine Coast this June.  The doors of the new venue will open on 18 June and to cel...

International lager claims crown as Australia’s most preferred beer

Launching its inaugural ‘Brand Map of Australia’, Tracksuit reveals Corona as the nation’s most preferred beer  Sydney, Thursday, 29 May 2025 - From iconic mass-produced lagers to innovative craft brews, beer is woven into the fabric of Australi...

Hundreds line up in Sydney to try viral crispy chicken

Pappa Flock’s crispy crunch causes a frenzy in Bondi JunctionBondi Junction officially has chicken fever. Sydneysiders turned out in flocks over the weekend, with queues forming from 5AM - a full seven hours before doors opened - to be among the firs...

Business Times

Agentforce for Financial Services: Merging AI and Human Expertise…

In this rapidly evolving world of financial services, deploying customer experiences that are personalized and intelligen...

Samsara Eco and lululemon announce 10 year partnership

lululemon and Samsara Eco Announce 10-Year Plan to Advance Recycled Material Portfolio Plan will see lululemon source a...

Barelli Bathrooms announces celebrity interior designer Kellie Ri…

Barelli Bathrooms, a leading name in contemporary bathroom accessories and design, is proud to announce its new national ...

The Times Features

Meal Prep as Self-Care? The One Small Habit That Could Improve Your Mood, Focus & Confidence

What if the secret to feeling calmer, more focused, and emotionally resilient wasn’t found in a supplement or self-help book — but in your fridge? That’s the surprising link uncov...

From a Girlfriend’s Moisturiser to a Men’s Skincare Movement: How Two Mates Built Two Dudes

In a men’s skincare market that often feels like a choice between hyper-masculinity and poorly disguised women’s products, Two Dudes stands out. It’s not trying to be macho. It’s n...

The Great Fleecing: Time for Aussies to demand more from their banks

By Anhar Khanbhai, Chief Anti-Fleecing Officer, Wise   As Australians escape the winter chill for Europe’s summer or Southeast Asia’s sun, many don’t realise they’re walking strai...

Agentforce for Financial Services: Merging AI and Human Expertise for Tailored BFSI Solutions

In this rapidly evolving world of financial services, deploying customer experiences that are personalized and intelligent is crucial. Agentforce for Financial Services by Sale...

Cult Favourite, TokyoTaco, Opens Beachfront at Mooloolaba this June

FREE Tokyo Tacos to Celebrate!  Cult favourite Japanese-Mexican restaurant TokyoTaco is opening a beachfront venue at the Mooloolaba Esplanade on Queensland’s Sunshine Coast t...

Samsara Eco and lululemon announce 10 year partnership

lululemon and Samsara Eco Announce 10-Year Plan to Advance Recycled Material Portfolio Plan will see lululemon source a significant portion of its future nylon 6,6 and polyes...